Daily Pivots: (S1) 1.3144; (P) 1.3164; (R1) 1.3183; More….
USD/CAD dips notably in early US session but stays above 1.3115 temporary low. Intraday bias remains neutral first. Further fall is expected as long as 1.3204 holds. Below 1.3115 will resume the decline from 1.3327 and target 1.3042 key support. Decisive break there will carry larger bearish implication. On the upside, above 1.3204 minor resistance will turn bias back to the upside for 1.3327 resistance instead.
In the bigger picture, 38.2% retracement of 1.2061 to 1.364 at 1.3052 remains intact. Medium term rise from 1.2061 low is in favor to resume sooner or later. Firm break of 61.8% retracement of 1.4689 (2016 high) to 1.2061 at 1.3685 will confirm and target 1.4689 high. However, sustained break of 1.3052 will confirm completion of up trend from 1.2061 (2017 low). Further fall should be seen to 61.8% retracement at 1.2673 next.
